REFERENCE TITLE: assessment ratio freeze; commercial property

State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session 2010

HB 2714

Introduced by Representatives Patterson, Chabin, Young Wright: Ableser, Deschene, Lopes

 

AN ACT

 

Amending sections 42-15001 and 42-15006, Arizona Revised Statutes; relating to property tax assessed valuation.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 42-15001, Arizona Revised Statutes, is amended to read:

START_STATUTE42-15001.  Assessed valuation of class one property

The assessed valuation of class one property described in section 42‑12001 is the following percentage of its full cash value or limited valuation, as applicable: 

1.  Twenty‑five per cent through December 31, 2005.

2.  Twenty‑four and one‑half per cent beginning from and after December 31, 2005 through December 31, 2006.

3.  Twenty‑four per cent beginning from and after December 31, 2006 through December 31, 2007.

4.  Twenty‑three per cent beginning from and after December 31, 2007 through December 31, 2008.

5.   Twenty‑two per cent beginning from and after December 31, 2008 through December 31, 2009.

6.   Twenty‑one per cent beginning from and after December 31, 2009 through December 31, 2010.

7.   Twenty per cent beginning from and after December 31, 2010.

END_STATUTE

Sec. 2.  Section 42-15006, Arizona Revised Statutes, is amended to read:

START_STATUTE42-15006.  Assessed valuation of class six property

The assessed valuation of class six property described in section 42‑12006 is based on the following percentages to the full cash value or limited valuation of class six property, as applicable:

1.  Property described in section 42‑12006, paragraphs 1, 2, 3, 5, 6, 7, 8 and 9, five per cent.

2.  Property described in section 42‑12006, paragraph 4:

(a)  For primary property tax purposes, five per cent.

(b)  Except as provided in subdivision (c), for secondary property tax purposes:

(i)  Twenty-five per cent through December 31, 2006.

(ii)  Twenty-four per cent beginning from and after December 31, 2006 through December 31, 2007.

(iii)  Twenty‑three per cent beginning from and after December 31, 2007 through December 31, 2008.

(iv)  Twenty-two per cent beginning from and after December 31, 2008 through December 31, 2009.

(v)  Twenty-one per cent beginning from and after December 31, 2009 through December 31, 2010.

(vi)  Twenty per cent beginning from and after December 31, 2010.

(c)  If subdivision (b) is finally adjudicated to be invalid, for secondary property tax purposes, five per cent. END_STATUTE